KING PACIFIC<0072> - Announcement
The Stock Exchange of Hong Kong Limited takes no responsibility
for the contents of this announcement, makes no representation
as to its accuracy or completeness and expressly disclaims any
liability whatsoever for any loss howsoever arising from or
in reliance upon the whole or any part of the contents of this
announcement.
King Pacific International Holdings Limited
(Incorporated with limited liability in Bermuda)
Announcement
Further to an announcement dated 20th May, 1999, the directors
of King Pacific International Holdings Limited (the "Company")
noted an increase in the price and trading volume of the shares
of the Company and would like to clarify the contents of various
articles appearing in today's edition of certain newspapers
in respect of a writ of approximately HK$143 million filed
against Mr. Cheng Chao Ming ("Mr. Cheng") and Changjiang Power
Development (HK) Co. Limited ("CPDL").
This statement is made at the request of the Stock Exchange
of Hong Kong Limited.
We have noted today's increases in the price and trading volume
of the shares of the Company and wish to state that we are not
aware of any reasons for such increases.
Mr. Cheng verbally confirmed with the Company over the phone
that he received a writ from China Merchants Bank an aggregate
of US$18.3 million approximately (around HK$143 million)
including a principal amount of US$16.4 million approximately
(around HK$128 million) and interest of US$1.9 million
approximately (around HK$15 million) on 20th May, 1999 and he
went to Shenzhen to meet with the senior management of China
Merchants Bank to clarify this matter. Mr. Cheng is confident
that the writ should be cancelled by the end of this month.
Mr. Cheng verbally confirmed with the Company that the loan
from China Merchants Bank to CPDL is secured by his personal
assets in PRC China and none of the Company's shares held by
each of Mr. Cheng and CPDL has been pledged with China Merchants
Bank.
This is Mr. Cheng's personal affair. The Company does not see
that the writ would have any impact on the Company.
Save as disclosed, we also confirm that there are no
negotiations or agreements relating to intended acquisitions
or realisations as which are discloseable under paragraph 3
of listing agreement, neither is the Board aware of any matter
discloseable under the general obligation imposed by paragraph
2 of listing agreement, which is or may be a price-sensitive
nature.
By Order of the Board
King Pacific International Holdings Limited
Cheung Yiu Wing
Chairman
Hong Kong, 21st May, 1999
The information in this announcement relating to the Company
has been supplied by the directors of the Company. The directors
of the Company jointly and severally accept full responsibility
for the accuracy of the information contained in this
announcement and confirm, having made all reasonable enquiries,
that to the best of their knowledge, opinions expressed in this
announcement have been arrived at after due and careful
consideration and there are no other facts not contained in
this announcement the omission of which would make any
statement in this announcement misleading.
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